GrumpyGregry
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Pensions
- Thread starter User76
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Flick of the Elbow
less than
- Location
- Midlothian Edinburgh
[QUOTE 4917385, member: 76"]I am spending my weeks unable to walk very far by sorting out my shizzle.
Recently has been looking at my pensions, and blimey!
There is an Army pension, an NHS pension, then 4 other company pensions. It's a confusing old system isn't it? To consolidate, draw down, leave as....that is the question?[/QUOTE]
A question with multiple permutations. All those different pensions give a variety of options, you don't have to treat all of them the same. And you don't have to start drawing on them all at the same time either. As Grumpy says, get professional advice. Try here for some pointers
https://www.pensionwise.gov.uk/en
Recently has been looking at my pensions, and blimey!
There is an Army pension, an NHS pension, then 4 other company pensions. It's a confusing old system isn't it? To consolidate, draw down, leave as....that is the question?[/QUOTE]
A question with multiple permutations. All those different pensions give a variety of options, you don't have to treat all of them the same. And you don't have to start drawing on them all at the same time either. As Grumpy says, get professional advice. Try here for some pointers
https://www.pensionwise.gov.uk/en
Drago
Legendary Member
- Location
- Suburban Poshshire
Luck doesn't come into it. He stashed his cash where so many didn't. Good on him.
Some jobs you do not get the options not to save, many jobs do not pay enough to save.
numbnuts
Squire
- Location
- Gone over the hill and far away
I had no option had to retire at 38
Oldbloke
Guru
- Location
- Mayenne, France
As above, get professional advice. Speak to friends/family and go on recommendation, there's a lot of sharks out there.
Drago
Legendary Member
- Location
- Suburban Poshshire
I had no option had to retire at 38
Neither did I, unfortunately.
Mrs D retired at 36, but she had critical illness insurance on her pension. Her foresight and diligence in not only getting a pension, but also insuring it, saved her from having to rely on the state.
D
Deleted member 35268
Guest
I've been paying into a private pension and I have a stakeholder pension. Value wise i've accrued a fair amount of money, however I do not think it will actually be enough to live on in reality.
fossyant
Ride It Like You Stole It!
- Location
- South Manchester
Get professional advice. I'm currently looking to combine two private pots as a means to reduce charges. These are old pots I no longer contribute to.
numbnuts
Squire
- Location
- Gone over the hill and far away
After my accident at work I was promised £100,000 + from the unions, but when it went to court I got nothing, all I get now from the company is £38.70 a month plus state pension, but I'm quite happy with my lot.
srw
It's a bit more complicated than that...
[QUOTE 4917385, member: 76"]I am spending my weeks unable to walk very far by sorting out my shizzle.
Recently has been looking at my pensions, and blimey!
There is an Army pension, an NHS pension, then 4 other company pensions. It's a confusing old system isn't it? To consolidate, draw down, leave as....that is the question?[/QUOTE]
At the risk of repeating what's already been said, get professional advice. As an ex-Army (or possibly ex-NHS) employee you might be able to find something relatively cheap and better quality through that route rather than picking an IFA at random out of the phone book.
One thing to be aware of - your Army and NHS pensions are likely to be defined benefit (amount guaranteed based on your final salary in each place). The workplace pensions are probably defined contribution (amount dependent on the investment return on your pension pot). In your situtation (and this is definitely not professional advice, because I'm not quaified to give it and the appropriate advice will depend on your actual situation, not on my assumptions on your situation) I'd be looking to take the defined benefit pensions at whatever those schemes define as normal retirement age, and to consolidate the defined contribution schemes into a single fund which is as cheap as possible.
I'd probably also look at a fee-paying adviser not tied to a particular provider rather than a commission-paying one, to ensure that their interests are aligned with yours, and also spend some time gathering up all the information you have about the various funds. They should all have been writing to you regularly.
Recently has been looking at my pensions, and blimey!
There is an Army pension, an NHS pension, then 4 other company pensions. It's a confusing old system isn't it? To consolidate, draw down, leave as....that is the question?[/QUOTE]
At the risk of repeating what's already been said, get professional advice. As an ex-Army (or possibly ex-NHS) employee you might be able to find something relatively cheap and better quality through that route rather than picking an IFA at random out of the phone book.
One thing to be aware of - your Army and NHS pensions are likely to be defined benefit (amount guaranteed based on your final salary in each place). The workplace pensions are probably defined contribution (amount dependent on the investment return on your pension pot). In your situtation (and this is definitely not professional advice, because I'm not quaified to give it and the appropriate advice will depend on your actual situation, not on my assumptions on your situation) I'd be looking to take the defined benefit pensions at whatever those schemes define as normal retirement age, and to consolidate the defined contribution schemes into a single fund which is as cheap as possible.
I'd probably also look at a fee-paying adviser not tied to a particular provider rather than a commission-paying one, to ensure that their interests are aligned with yours, and also spend some time gathering up all the information you have about the various funds. They should all have been writing to you regularly.
Drago
Legendary Member
- Location
- Suburban Poshshire
Fortunately the insurance company the Police Federation recommended to Mrs D were rather more true to their word than your union.